An underwriting member of Lloyd’s who is not (or was not, just before retirement) occupied principally with business at Lloyd’s by a broker or underwriting agent.

Lloyd’s Standard Form of Salvage Agreement.

Maritime and Insurance cases hard in English courts are reported in this monthly publication.

A daily newspaper published by Lloyd’s which provides worldwide service of news of interest of the maritime, Insurance and transportation industries.

A weekly guide to exporters giving details of vessels due to load in UK ports.

A managing agent is a company set up to manage one or more syndicates, on behalf of the members who provide the capital. The managing agent employs the underwriting staff and handles the day-to-day running of a syndicate’s infrastructure and operations. Often a single corporate group will manage and fund a syndicate, thereby aligning the management and capital provision. For other syndicates, a number of different members – which can include both private capital and corporate groups – not connected with the managing agent provide the capital (these are known as ‘unaligned’ syndicates). New syndicates are often established under a ‘turnkey’ model, where an existing managing agent establishes and manages the syndicate on behalf of a third party capital provider. After a period of time, the capital provider may seek regulatory approval to establish their own managing agent.

the Atlas covers the world with special emphasis on ports and world weather conditions. Large scale maps of areas of particular interest and a list of ports on a country by country basis are also given.

This term may refer to the place where business is transacted between managing agents and Lloyd’s brokers, or to the syndicates that provide cover at Lloyd’s. The majority of business written at Lloyd’s is placed through brokers who facilitate the risk-transfer process between clients (policyholders) and underwriters. Clients can discuss their risk needs with a broker, a cover holder or a service company. Specialist underwriters for each syndicate price underwrite and handle any subsequent claims in relation to the risk. Business at Lloyd’s is still conducted face-to-face, and the bustling underwriting room is central to the smooth running of the market. The market structure encourages innovation, speed and better value, making it attractive to policyholders and participants alike. Immediate access to decision-makers means that answers on whether a risk can be placed are made quickly, enabling the broker to provide fast, good-value solutions. The Lloyd’s market houses syndicates which offer an unrivalled concentration of specialist underwriting expertise and talent.

An agreement between all the underwriters in a certain section of the Lloyd’s market.

The committee of the Council of Lloyd’s that was formerly responsible for the development and growth of Lloyd’s worldwide business. It was abolished in 2002 in anticipation of the transfer of its responsibilities to Lloyd’s Franchise Board.